Let me tell you! William Bengen knows how to define success

Today I bring back my old “Let me tell you!” series, where I delve into topics that are more philosophical than financial. In this blog post, I discuss the three life questions financial guru William Bengen asks himself each night before he goes to sleep.

Mr. Bengen is a bit of legend in financial circles. He created the ubiquitous 4% retirement rule: that people can withdraw 4% of their savings every year in retirement and still support themselves financially. I have written about this rule several times in my “How much do you need to retire” posts. The last time was in February.

But Mr. Bengen also has some interesting thoughts beyond finances. In February he joined the Rational Reminder Podcast to discuss retirement planning, and also shared his thoughts on success in general. (By the way, I was also interviewed for this podcast last year.)

Bengen defines success  

Podcast hosts Benjamin Felix and Cameron Passmore typically ask all guests the same last question: “How do you define success in your life?” I found Mr. Bengen’s answer fascinating.

“That's a wonderful question for everyone, I guess," he said. "Before I go to bed each night, I've done this for a number of years, I ask myself three questions.

"And the first question is, today, did I learn anything new, or did I create something? The second question is, did I do anything to help anybody, particularly people I love, but even if for a stranger, maybe helping an old lady across the street, or helping a child understand a math problem? And the last point is, have I given proper attention to this, the mystery and wonder of the world in the universe, and being alive and being able to experience all this? If I can answer yes to all those three questions during the day, I felt I've had a successful day.”

While the above quote has nothing to do with Mr. Bengen’s brilliant financial planning, it shows a truly insightful mind that looks at success as more than just fame and financial success. As I wrote two fairly popular blog posts on money and success in 2012 (see here and here), his comments intrigued me. Today I break down his thoughts.

"Did I learn anything new ... or did I create something?"

Wow, did this answer strike a chord. In 2018 I wrote a post making the case that if you are not learning, you are forgetting. My father-in-law has espoused this mantra all his life, and his children and grandchildren live by it. A hunger for learning has so many positive aspects. It keeps your mind active, allows you to pass knowledge down to your family and friends, helps you in your day-to-day business interactions and opens your mind to concepts and thoughts you may have previously dismissed. I do not want to dismiss the second part of Mr. Bengen’s question - “did I create something” - but that would be a more limited question in most cases.

"Did I do anything to help anybody today?"

While Mr. Bengen initially spoke about helping family, he expanded that to helping anyone. As I think most of us tend to help our family as a given, I will veer off into the topic of helping anyone.

While helping an old person across the street or holding a door open is quick and simple (is it me, or is holding the door open a lost courtesy? I do this all the time but constantly have doors slammed in my face when walking behind other people), I personally appreciate those who give time to causes.

Time is precious and to give to others is incredibly special. I have a good volunteering track record compared to the average person: being a Big Brother, granting wishes under the Make-A-Wish Foundation framework, and sitting on a couple charity boards. But when I see how much more others do, I am often humbled. Coming out of COVID, I suggest you consider giving of yourself whenever and wherever.

One can also help financially. One can argue this is an easy way out, but I disagree. Organizations need volunteers, but they also need money. I recently wrote a post explaining why donating marketable securities provides an altruistic benefit and a tax benefit.

"Have I given proper attention to this, the mystery and wonder of the world in the universe?"

I really like this last question. We are often startled by nature and the general wonders of the world; however, I would suggest this happens far too little. My only comment here is that COVID took many of us to negative places, mentally and physically (offset by some heroic front line and other efforts by special people). It would probably do us some good as we start moving back to a “new normal” to appreciate some of the mystery and wonders of the world, to recharge our positive selves.

My concern with any of my “Let me tell you!” posts is they become preachy. But I hope today’s post on Mr. Bengen’s nighttime routine provides you some helpful thoughts for reflection.

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The Best of The Blunt Bean Counter - Are Money and Success the Same Thing?

This summer I am posting the "best of" The Blunt Bean Counter while I work on my golf game. The work is actually beginning to pay off. While playing the Hoot at Osprey Valley (the 3 courses at Osprey are typically listed in the top 100 Canadian courses), I missed two makeable putts on 16 & 17 or I would have broken 80.

Today, I am re-posting a two-part blog on "Are Money and Success the Same Thing?" This post was described by The Big Cajun Man (blogger behind Canadian Personal Finance blog) as a very Zen post. I figured Zen was good for reading while sitting on your cottage dock with a glass of wine.

Are Money and Success the Same Thing?

Moneyville runs a weekly feature called Fame and Fortune, where famous people discuss various financial lessons they have learned and provide financial advice. The last question is always “Are money and success the same thing?” In the columns I have read, I do not ever recall a featured guest answering yes to this question. Yet, the fact that the question is asked insinuates that some people feel the answer is yes. I would further suggest, that we all have met people who we think would answer yes to this question; or should answer yes, based on their actions.

In my opinion, the brevity of the Moneyville column forces a cliché answer from most of the guests. The guests typically say things such as “money is fleeting” or “money does not buy love” or “people should not be defined by their money”. However, this simple question is actually very complex when you peel back the layers. Success can be defined and interpreted in so many ways. I believe that money and success are not one and the same, but are so closely intertwined in some circumstances, that money may allow you to buy certain variations of success, while in other situations it can derail success.

Today, I will not get into how we look at money, a topic I discussed in a July 2011 blog post, but will focus solely on the success side of the question.

What is Success?

The definition of success is elusive. If you ask 100 people, you would probably get 100 different answers as to how they define success. So I turn to some famous and less famous people and their definitions and interpretations of success (and money) are as follows.

Ralph Waldo Emerson, a famous American essayist and poet, wrote this poem about success (although there is some debate if he indeed wrote this poem):

"What is success?
To laugh often and much;
To win the respect of intelligent people
and the affection of children;
To earn the appreciation of honest critics
and endure the betrayal of false friends;
To appreciate the beauty;
To find the best in others;
To leave the world a bit better, whether by
a healthy child, a garden patch
Or a redeemed social condition;
To know even one life has breathed
easier because you have lived;
This is to have succeeded."

John Wooden, considered by many as the greatest basketball coach ever, had this definition, “Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to do your best to become the best that you are capable of becoming."

According to John Maxwell, an evangelical Christian author, success is when “Those who know you the best love you the most.”

A less spiritual interpretation of money and success is provided by American author and motivational speaker Wayne Dyer who states, “Successful people make money. It's not that people who make money become successful, but that successful people attract money. They bring success to what they do.”

Finally, and I am not sure who said this, but another more financial oriented definition of success is “The world defines success in terms of achieving one's goal, acquiring wealth, status, prestige and power.”

I have been told by other bloggers that the average reader only pays attention for 400 words (I assume my readers are not average, since I breach the 400 word limit regularly) and since I am already over 600 words, I will stop here. However, tonight, when you are relaxing in your La-Z-Boy recliner (ignore the screaming kids and barking dog), contemplate how you would answer the question of whether money and success are one and the same? I will conclude my thoughts tomorrow.

Here is the link to the second part of this series, should you wish to read more on this Zen topic.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

Are Money and Success the Same Thing? Part 2

In my blog post yesterday, I left you to contemplate some very insightful definitions and interpretations of success and how you would answer the question; are money and success the same thing? After re-reading those definitions and interpretations, my answer is that money and success are not one and the same.

However, that being said, I acknowledge that there is also a thread that closely connects success and money in many circumstances, such that the distinction is often blurred. Thus, today I thought I would expand the question to include not only are money and success the same thing, but can money bring you success or success bring you money? For those that feel I should be true to the original premise and question, I apologize for the re-phrasing, but hey, it's my blog :).

I believe there are circumstances where money can certainly help buy or leverage success while in other situations, money may derail success. On the flip side, there appear to be circumstances where success brings you money.

So let’s look at money and success in five of the key aspects of all our lives: family, career, health, spiritualism and impact on society. 

Family

I agree with John Maxwell’s definition of success noted in yesterday's blog, or at least a variation of it. When it comes to family, love and affection are familial success, not money. Nevertheless, we know families can be torn apart because of money; often because money is very tight, but surprisingly often when there is too much money in the family.

With respect to family, money and success are clearly not the same thing. In respect of my re-phrased question, money will not bring you familial success, but in some circumstances, too much or too little money can tear away at the fabric of love and affection. Familial success in my opinion has little bearing on monetary success.

Career

If we are honest with ourselves, career success often leads to money and thus, this is the one aspect of our lives where I can see how a number of people equate money with success. Yes, there are many people for whom the job is the key and money is only secondary. But when we chat about someone, the first topic is usually about their job, which leads us wonder how much money they make. Or alternatively, John makes so much money as a lawyer, he must be successful.

I definitely think there is some truth in Wayne Dyer's comments noted in my blog yesterday where he says  “Successful people make money. It's not that people who make money become successful, but that successful people attract money. They bring success to what they do.” 

Thus, in the case of a career, even if you don’t agree money and success are one in the same, I think you will agree, there are career related circumstances where money can buy success or success can lead to money.

Health

Striving for money can affect one’s health, be it striving for enormous wealth or enough to just support your family. Alternatively, money may relieve stress (no need to work hard) and buy you better health care.

In this circumstance, I think it is clear money and success are not the same thing. Having money won’t mean you’re successful in health, aka healthy, happy, active (whatever other words you think defines healthy), the only affect money can have on successful health is that it may enable you to buy the best healthcare possible. We all know the best healthcare does not guarantee successful health, but in very selected cases, money may buy you health because of the access to care money provides.

In the end, Bob Marley said it best. On his deathbed he told his son Ziggy, “Money can’t buy life”.

Spirituality

This is one case where money is meaningless. People’s spirituality comes from deep inside and money means nothing. However, it is somewhat ironic that when looking for money to build the addition to the church, synagogue or mosque, the first line of attack are those parishioners with money.

Impact on Society

Many people have a positive impact on society by giving their time for the greater good through volunteering. However, other people with money leverage their money to achieve real or perceived success through philanthropic deeds associated with money, such as building a hospital. Some people feel that is not true success, it is just a donation of money, while others would argue building a new hospital is a true success, regardless of whether the person just wrote a cheque or wrote a cheque and volunteered their time.

I think in this situation, money and success are not one in the same, but money can clearly have a positive impact on society and therefore, promote a form of success.

Conclusion

Wow, this blog post just kept going. If you are still with me, give yourself a gold star. So after rephrasing and rambling on over 1400 words, have we learned anything? I have learned (as I worked out this little philosophical debate in my head) that money and success are not one and the same, but do impact one another. Meaning in certain circumstances, money can influence success, and success can determine how much money you have.

On that note, I wish success to you all; however the heck you define it.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

Are Money and Success the Same Thing?

Moneyville runs a weekly feature called Fame and Fortune, where famous people discuss various financial lessons they have learned and provide financial advice. The last question is always “Are money and success the same thing?” In the columns I have read, I do not ever recall a featured guest answering yes to this question. Yet, the fact that the question is asked insinuates that some people feel the answer is yes. I would further suggest, that we all have met people who we think would answer yes to this question; or should answer yes, based on their actions.

In my opinion, the brevity of the Moneyville column forces a cliché answer from most of the guests. The guests typically say things such as “money is fleeting” or “money does not buy love” or “people should not be defined by their money”. However, this simple question is actually very complex when you peel back the layers. Success can be defined and interpreted in so many ways. I believe that money and success are not one and the same, but are so closely intertwined in some circumstances, that money may allow you to buy certain variations of success, while in other situations it can derail success.

Today, I will not get into how we look at money, a topic I discussed in a July 2011 blog post, but will focus solely on the success side of the question.

What is Success?

The definition of success is elusive. If you ask 100 people, you would probably get 100 different answers as to how they define success. So I turn to some famous and less famous people and their definitions and interpretations of success (and money) are as follows.

Ralph Waldo Emerson, a famous American essayist and poet, wrote this poem about success (although there is some debate if he indeed wrote this poem):

"What is success?
To laugh often and much;
To win the respect of intelligent people
and the affection of children;
To earn the appreciation of honest critics
and endure the betrayal of false friends;
To appreciate the beauty;
To find the best in others;
To leave the world a bit better, whether by
a healthy child, a garden patch
Or a redeemed social condition;
To know even one life has breathed
easier because you have lived;
This is to have succeeded."

John Wooden, considered by many as the greatest basketball coach ever, had this definition, “Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to do your best to become the best that you are capable of becoming."

According to John Maxwell, an evangelical Christian author, success is when “Those who know you the best love you the most.”

A less spiritual interpretation of money and success is provided by American author and motivational speaker Wayne Dyer who states, “Successful people make money. It's not that people who make money become successful, but that successful people attract money. They bring success to what they do.”

Finally, and I am not sure who said this, but another more financial oriented definition of success is “The world defines success in terms of achieving one's goal, acquiring wealth, status, prestige and power.”

I have been told by other bloggers that the average reader only pays attention for 400 words (I assume my readers are not average, since I breach the 400 word limit regularly) and since I am already over 600 words, I will stop here. However, tonight, when you are relaxing in your La-Z-Boy recliner (ignore the screaming kids and barking dog), contemplate how you would answer the question of whether money and success are one and the same? I will conclude my thoughts tomorrow.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.